Spending on DIY Falls to its Lowest Level in 15 Years
It seems that we are spending a lot less on home improvements than we were at the height of the housing price boom in 2004 according to new figures from Lloyds TSB.
Experts put this down to lower household budgets and a fall in confidence as house prices stagnate.
We are spending half what we were on home improvement, decorating, building materials and tools compared to 2004. This is the equivalent of just £300 per household per year or £7.8bn in total.
This gives Bamford Trading a massive 0.00128% market share if my maths is correct.
So there plenty to go for!
The other good news for us is that the proportion of spend going to ‘Doing It Ourselves’ as opposed to using tradesmen has increased by 10% over the last decade. We now spend more on DIY than we do on employing tradesmen.
Spare a thought for the poor old tradesmen and women though we are now spending a massive 40% less on them than we were in 2001.